Overview
Law360 quoted Lisa Zarlenga in a July 9 article titled "Federal Tax Policy Changes to Watch in the 2nd Half of 2018." On the horizon is the Internal Revenue Service's Large Business and International division campaign focused on ensuring compliance in virtual currency transactions. The agency plans to roll out mandatory cybertraining for its criminal investigators to bring them up to speed on the basics of cryptocurrency.
"You're basically trying to apply old tax concepts to new technology," says Zarlenga, who was previously responsible for reviewing the 2014 guidance on cryptocurrencies when she was tax legislative counsel within the US Treasury Department's Office of Tax Policy. Zarlenga notes that there is "a lot of apprehension" about the IRS asserting a position that is different from one taken by taxpayers.
The full article can be read at Law360 (subscription required).